(Bloomberg) -- Whirlpool Corp. shares surged as much as 19% after Reuters reported that Robert Bosch GmbH is considering an offer for the appliance maker.

The privately held German industrial firm has been consulting with potential advisers about a possible bid for the Michigan-based company, Reuters said, citing three people familiar with the matter. There’s no certainty an offer will be made, according to the report.

Whirlpool, the owner of the Maytag and KitchenAid brands, has seen sales disappoint this year as US shoppers pulled back from big-ticket purchases. The stock had fallen 29% from the start of the year through Tuesday’s close.

Wednesday’s move was the stock’s biggest intraday gain since the early days of the pandemic in March 2020. Whirlpool’s market value is now about $5.4 billion.

Bosch, the world’s biggest auto parts maker, has been pushing further into areas outside its main business as cooling sales of electric vehicles hit demand from customers like Volkswagen AG and BMW AG. Chief Executive Officer Stefan Hartung said at a conference earlier this month that the company is looking to grow in the US and sees acquisitions there as the right step.

Bosch also makes and sells home appliances, from dishwashers to fridges and coffee makers, potentially opening the way for cost savings from any Whirlpool deal. 

A spokesperson for Bosch declined to comment. Whirlpool said that as a matter of policy it doesn’t comment on “market rumors or speculation.” 

The German company was also among the firms interested in the portfolio of heating and ventilation assets being sold by Johnson Controls International Plc, people with knowledge of the matter told Bloomberg in March.

--With assistance from Max Zimmerman and Monica Raymunt.

(Updates shares in first, third and fourth paragraphs.)

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